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Showing posts from February 9, 2016

CBDT asks IT dept to speed up overseas requests

With the current financial year coming to a close soon, the Central Board of Direct Taxes ( CBDT) has asked the Income Tax department to speed up select black money and tax evasion probe cases which require cooperation from foreign agencies under the existing bilateral treaties. Officials said the CBDT has asked taxman to send it all such cases for exchange of information which are getting " time barred" by March 31. Business Standard, New Delhi, 9th Feb. 2016

Steel industry to see kanti dumping duty

Plans longer term measures to check cheaper import While there are some obvious benefits for domestic steel producers following the imposition of a minimum import price (MIP) on steel, the industry seems to have abigger plan as it prepares to file for longer- duration duties to counter cheaper imports. On Friday, the government imposed MIPs on 173 steel products to protect domestic players. This duty is going to remain valid for a period of six months. With the MIP, imports would become costlier by 26- 70 per cent, said a report by Prabhudas Lilladher. “We are looking at anti- dumping and countervailing duties as the next measures to fix the steel import issue since these duties are typically placed for threefour years,” Sanak Mishra, secretary- general at the Indian Steel Association, told Business Standard on Monday. Integrated primary steel producers like the Sajjan Jindal- led JSW Steel, Jindal Steel & Power, state- owned Steel Authority of India and Tata Steel will be among the b…